What did it cost to restore the Washington Monument?
FOX Business’ Charlie Gasparino talks to The Carlyle Group Co-Executive Chairman David Rubenstein about the changing political climate, the U.S. deficit and the current problems facing General Electric.
The Washington Monument is once again open to visitors after millions of dollars in private donations made critical repairs after the obelisk was damaged by an earthquake eight years ago.
The monument, which was dedicated in 1885 and stands more than 555 feet tall, was reopened Thursday with a ribbon-cutting ceremony featuring First Lady Melania Trump.
Visitors look out from the observation level inside the Washington Monument during a press preview tour ahead of the monument's official reopening, Wednesday, Sept. 18, 2019, in Washington. The monument, which has been closed to the public since August 2016, is scheduled to re-open Thursday, Sept. 19. (AP Photo/Patrick Semansky)
First lady Melania Trump participates in a ribbon-cutting ceremony to re-open the Washington Monument, Thursday, Sept. 19, 2019, in Washington. The monument has been closed to the public for renovations since August 2016. Trump was joined by students from Amidon-Bowen Elementary School in Washington. (AP Photo/Patrick Semansky)
WASHINGTON, DC - SEPTEMBER 17: Philanthropist, David Rubenstein is seen outside the Washington Monument during a preview of the remodeled elevator and security systems on Tuesday September 17, 2019 in Washington, DC. The monument reopens Thursday. (Photo by Matt McClain/The Washington Post via Getty Images)
The Washington Monument is seen past a sign greeting visitors during a press preview tour ahead of the monument's official reopening, Wednesday, Sept. 18, 2019, in Washington. The monument, which has been closed to the public since August 2016, is scheduled to re-open Thursday, Sept. 19. (AP Photo/Patrick Semansky)
The monument has been closed on and off since 2011. Billionaire David Rubenstein spent roughly $10.5 million of his own money to get it ready for visitors once more, The Washington Post reported.
"It's really an iconic building and probably the most recognizable building in the United States," Rubenstein told The Washington Post on Tuesday from on the monument’s observation deck. "It's a statement of American strength."
The monument closed in August 2011 when a 5.8 magnitude earthquake damaged the stone structure. It reopened in 2014 only to shutter again in 2016 due to elevator malfunctions.
The billionaire decided waiting for Congress to act would take too long, so he kicked in his own money: $7.5 million to fix the monument after a 2011 earthquake and another $3 million to fix the elevators.
The monument closed in August 2011 when a 5.8 magnitude earthquake damaged the stone structure. It reopened in 2014 only to shutter again in 2016 due to elevator malfunctions.